Max Ventures' real estate arm completes acquisition of 100% equity stake in Accord Hotels; stock sheds ~1%

20 Jun 2022 , 10:12 AM

Max Ventures and Industries Limited’s wholly-owned subsidiary Max Estates Limited has executed a Share Purchase Agreement on June 4, 2022, for the acquisition of 100% equity share capital of Accord Hotels and Resorts Private Limited.

Max Estates completed this acquisition on June 17, 2022, for an aggregate consideration of Rs293 crore. Post completion of this acquisition, Accord Hotels and Resorts Private Limited have become a step-down wholly-owned subsidiary of the Company through Max Estates Limited with effect from June 17, 2022.

The company has acquired this stake in Accord Hotels to use its only asset i.e., a ~10-acre land parcel located in Sector 128, Noida for the purpose of developing a mixed-use residential community with an estimated saleable area of ~1 Mn sq. ft.

Max Ventures is currently trading at Rs90.05 down by Rs0.95 or 1.04% from its previous closing of Rs91 on the BSE. The scrip opened at Rs92.40 and has touched intraday high and low of Rs93.40 and Rs90 respectively.